COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

The protracted government shutdown squeezes housing programs, 'data fog' creates a conundrum for the Fed, and a US-China trade truce offers cautious optimism to developers.

Health insurance coverage patterns reveal a clear divide between renters and homeowners. Renters are nearly three times as likely to be uninsured as homeowners (11.7% versus 4.4%) and are far more reliant on public coverage.Just under half of renters (48.8%) have private insurance, compared with a majority of homeowners (54.5%). Meanwhile, nearly one in three renters (29%) rely exclusively on public insurance, underscoring the income and employment disparities that shape acce

A post-pandemic surge in Multifamily completions has lifted apartment vacancies off their 2021 floor, but long-term structural underbuilding remains.

Recent national data paint a picture of improvement and cautious optimism. While on-time collections remain well below post-pandemic highs, the recent positive inflection suggests the sector has likely already found its bottom.

69.4% of multifamily markets nationwide saw rents rise between August and September—down a de minimis 44 basis points from the prior month (69.8%).

Notably, the number of moves is up 12.1% compared to the 2024 total, making it the largest annual increase since at least the turn of the century. Further, it is the first time that the number of moves increased in consecutive years since 2010.

The Administration considers a national housing emergency as residential markets send mixed signals.

On-time rental payments in independently operated units improved in September 2025 — offering hope that the sector is moving off its performance floor. According to this month’s first estimate, 83.1% of units paid their full rent on time — an increase of 58 basis points (bps) from August.